McDermott acquires new deepwater construction vessel


The following is the text of a news release from McDermott International:

(HOUSTON) — McDermott International Inc. announced Tuesday it has acquired the newly built pipelay and construction vessel Amazon to better position the company for ultra-deepwater and SURF (subsea umbilicals, risers and flowlines) projects.

“This is a great opportunity for the company to expand the technical capabilities of our global fleet and grow in the deepwater and SURF markets and greatly increase our ultra-deepwater project coverage,” said David Dickson, president and chief executive officer of McDermott. “Due to current market conditions and the opportunistic nature of the transaction, we were able to acquire what is essentially a new, enabling asset at a fraction of the original build cost.”

McDermott plans to upgrade the vessel to address the ultra-deepwater market with a state-of-the-art J-lay system outfitted with the latest vessel technology. In the near term, the company plans to make minor capital expenditure investments to bring the vessel up to company standards. As McDermott finalizes its upgrade plans, the company plans to use the vessel on existing construction and pipelay projects.

Funding for the vessel acquisition has been secured through a sale and leaseback arrangement under which McDermott has control of the vessel in exchange for a daily charter-hire rate. The planned upgrade to the state-of-the-art J-lay system and related financing are expected to be considered in line with market conditions. 

Completed in 2014, Amazon is equipped with 49,514 square feet of deck space complete with two 440-ton cranes, a service speed of 12 knots and accommodation for up to 200 crew and service staff.

Editor's note: Amazon is the former Ceona Amazon, previously owned by the SURF contractor Ceona. It was built by Lloyd Werft and delivered at the end of 2014.

By Professional Mariner Staff